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Best Payment Gateways- Find the best payment gateways and knowing how payment gateways can affect your eCommerce business. Best Internet Merchant Account has written this review on the best payment gateways to help you find the best payment gateways!

What are payment gateways? Payment gateways are services offered to eCommerce businesses that allow them to accept credit card and debit card payments. The easiest way to think of payment gateways is to think of them as a virtual point of sale terminal. Payment gateways are the link between the customer, business, and financial institutions.

What are the benefits of payment gateways? The biggest benefit to the best payment gateways are the security they provide. Payment gateways will take your customer’s credit card and debit card numbers and encrypt them so that nobody who shouldn’t have access to them does. This security feature is often down in three parts:

1. The entire order is processed through the HTTPS protocol.
2. In order to validate the payment page result, a signed request or password is required.
3. The IP address of the requesting server during the payment will be verified.

How do payment gateways work? Best Internet Merchant Account has put the payment gateway process into a table format for you to understand how a payment gateway works.

• The customer places an order on your eCommerce website by pressing the "Complete order" or "Submit order" button.
• For orders placed on eCommerce websites, the customer's web browser encrypts the information to be sent between the browser and the merchant's web hosting provider. This is done via SSL certificate encryption.
• The merchant then forwards the transaction details to their payment gateway. Again done via a SSL certificate that encrypts the personal information.
• The payment gateway forwards the transaction information to the processor used by the merchant's acquiring bank.
• The processor forwards the transaction information to the card issuer. This can be a financial institution or credit card company.
• The credit card issuing bank receives the authorization request and sends a response back to the processor via an SSL encryption connection. Along with the response is a response code. The response code will state if the transaction was approved or denied and if denied why it was.
• The processor forwards the response to the payment gateway.
• The payment gateway receives the response, and forwards it on to your eCommerce website where it is interpreted and a relevant response is then relayed back to the cardholder and the merchant.

How long does the payment gateways last? The entire process for a payment gateway transaction only takes 2-5 seconds. Prior to the merchant closing out the transaction, the merchant must ship the product to the buyer. Once this is done, the merchant will submit a slip to their payment gateway host. They will then be paid for the transaction. The entire process from authorization to settlement to funding typically takes 3 days.

Who offers the best payment gateways? Finding the best payment gateways could take some time if you didn’t find this best payment gateways article from Best Internet Merchant Account. Luckily for our readers, we have already done the research and found that Authorize.net offers some of the best payment gateways.

Authorize.net official site

Merchant W.H.

Charge.com

MerchantExpress